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Wednesday, November 30, 2016

Can NRIs send Indian currency to India through Fedex or DTDC Courier?

One of the most frequently asked question among NRI community post the historic announcement of demonetization of Rs 500 and Rs 1000 notes in India is whether NRIs can send the Indian currency to India using FedEx, DTDC or DHL express or not. The answer is No, NRIs cannot send money e.g. bank notes, currency notes, coins and traveler's cheques via international shipment e.g. DHL Express, DTDC, FedEx or any other means to India.
It's illegal and I doubt any courier company or registered email service will allow you to send Indian currency to India via mail. The only way to send money to India is via proper banking channel e.g. online money transfer services like Money2India or Remit2India, foreign currency cheques, Sending foreign currency via Western Unions, and international SWIFT transfers.

Though you can send account payee foreign currency cheques via registered mail and FedEx, DHHL, DTDC, courier or by post e.g. using Singapore post. I have sent one of such cheque in past to open NRE account from Overseas and initially fund the account with 10000 INR.

Can NRIs send Indian currency by post to India

The grand Indian monetization exercise has given rise to many questions among NRIs. Even after one month of the announcement of the withdrawal of old Rs 500 and Rs 1000 notes, there is no convenient way for NRIs to exchange, deposit or convert their hard earned money in Overseas. See is it possible to exchange old Rs 500 notes in abroad more details

In a desperate attempt to use it before they soon become worthless NRIs from Singapore, Britain, America, UAE, Australia and Europian countries are exploring alternative way to send their money to India.

Some of my readers are asking me questions whether they can send the Rs 500 and Rs 1000 notes via courier, registered mail, and International shipping careers e.g. FedEx, UPS, DHL and other International Mail Services.

Well, I don't think you can send cash via DHL, FedEx or any other means of shipment. DHL clearly says that Cash (legal tender – bank notes, currency notes and coins) and travellers cheques are prohibited commodities for DHL Express service and I believe every other career also follows the same rule.

You should also remember that any Indian citizen staying outside India can only take up to 25000 INR with them, so it's quite possible that many of your friends might not have limit to carry your cash in terms of old Rs 500 and Rs 1000 notes.

There is no limit on how much you can deposit into NRO account, you should be careful to deposit more than 2.5 lakh as bank will ask for source of income and you should match with your declaration on your income tax returns, see 7 Things NRIs should consider while depositing old Rs 500 and Rs 1000 notes to learn more about how much you can deposit and what is the procedure of depositing old notes into NRO accounts.

In short, Indians staying overseas, both NRIs and PIOs cannot send money through Fedex, DTDC or DHL Express. It's illegal to send bank notes, currency notes, coins and travellers cheques via mail and courier and shipping company will not allow that. I have checked the list of prohibited items for DHL express and company clearly list that Cash (legal tender – bank notes, currency notes and coins) and travellers cheques are prohibited.